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Real Estate Terms Glossary
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Real Estate Terms Beggining with the Letter l
Unreasonable delay in asserting one's legal rights.
The material of the earth whatever may be the ingredients of which it is composed whether soil rock or other substance and included free or occupied space for an indefinite distance upwards as well as downwards.
Land Contract
A contract used in the sale of real property whereby the seller retains title to the property until all or a prescribed part of the purchase price has been paid. Also commonly called a conditional sales contract installment sales contract or real property sales contract. (See also Real Property Sales Contract for statutory definition).
Land Sales Contract
A contract for the sale of property by which possession is delivered to the buyer but title remains with the seller until full payment or the satisfaction of other stated conditions.
Property totally surrounded by other property with no means of ingress or egress.
The person who leases property; the owner of the property.
Lands Tenements And Hereditament
Inheritable lands or interest.
Late Charge
A charge made by a lender against a borrower who fails to make loan installments when due.
Late Support
The support that the soil of an adjoining owner gives to his or her neighbor's land.
A building material of wood metal gypsum or insulating board fastened to the frame of a building to act as a plaster base.
A contract between owner and tenant setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright as a method of financing right to occupy and use real property.
Leasehold Estate
The estate of a tenant under a lease. (See Estate for Years.)
A gift of money by will.
Legal Description
A description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps.
One who contracts to rent occupy and use property under a lease agreement; a tenant.
An owner who enters into a lease agreement with a tenant; a landlord.
Letter of Intent
An expression of intent to invest develop or purchase without creating any firm legal obligation to do so.
To execute upon; to seize and sell property to obtain money to satisfy a judgment.
Debts or claims that creditors have against assets.
Personal nonassignable authorization to enter and perform certain acts on another's land.
Under the law before 1968 which classified persons who entered upon others' land a licensee was someone who entered upon land with the owner's express or implied permission for a business purpose.
A lien makes the debtor's property security for the payment of a dept or the discharge of an obligation. A charge or claim against property as security for payment of a debt or obligation.
Life Estate
An estate in real property that continues for the life of a particular person. The life" involved may be that of the owner or that of some other person. An estate in property whose duration is limited to and measured by the life of a natural person or persons."
Limited Partnership
A partnership composed of some partners whose contribution and liability are limited. There must always be one or more general partners with unlimited liability and one or more limited partners with limited liability. A special partnership composed of limited and general partners. The general partners have unlimited liability and total management whereas the limited partners have to voice in the management and their only financial exposure is to the extent of their investment. In some ways the limited partners' interest is similar to that of stockholders in a corporation.
A horizontal board that supports the load over an opening such as a door or window.
Liquidated Damages
A clause in a contract by which the parties by agreement fix the damages in advance for a breach of contract.
Liquidated Damages Clause
A clause in a contract by which the parties by agreement fix the damages in advance for a breach of contract.
Lis Pendens
A notice of pending litigation recorded to give constructive notice of a suit that has been filed. A recorded notice that a lawsuit is pending the outcome of which may affect title to property.
An employment contract between a broker and his principal (client).
Listing Agreement
An employment contract authorizing a broker to sell lease or exchange an owner's property.
A civil lawsuit; a judicial controversy.
Loan Committee
The committee in a lending institution that reviews and approves or disapproves the loan applications recommended by a loan officer.
Loan Correspondent
A loan agent usually used by distant lenders to help the lender make real estate loans.
Loan Package
A group of documents prepared along with a loan application to give the prospective lender complete details about the proposed loan.
Loan Trust Fund Account
A trust account established by the lender to pay property taxes and hazard insurance.
Loan Value
The lender's appraised value of the property.
An opening with a series of horizontal slats set at an angle to permit ventilation without admitting rain sunlight or vision.

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